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A Forward or a Forward Contract is an agreement as part of which one currency is exchanged for another at an earlier agreed date and fixed price. The price is usually indicated when the agreement is concluded and corresponds to the asset’s current price, whilst the date doesn’t necessarily have to be set at all. This is an open forward contract. The asset (or subject) agreed upon can be something other than currency, including bonds, goods, shares and more. If the contract is for the delivery of a certain asset and its payment is in full, it is called a forward delivery contract. If only the settlement is agreed, we are talking about a non-deliverable forward.

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